AXYKNO CAPITAL SERVICES LTD,,NAGPUR vs. DCIT CIRCLE 1, NAGPUR

In the result, both the appeals of the assessee are allowed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

10. On the other hand, learned AR relied upon the orders passed by learned Commissioner (Appeals) and reiterated the same arguments 20 ITA 178/NAG/ 2017 AXYKNO CAPITAL SERVICES LTD VS DCIT, CIRCLE- 1,NAGPUR as were raised by him before learned Commissioner (Appeals). Learned AR also drawn our attention to the written submissions mentioned at Para

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

10,36,726. The assessment order under section 143(3) r/w section 153A dated 26/12/2018, was passed assessing the total income at ₹ 83,04,726. The addition of 72,68,000, was made on account of alleged commission income. A survey action under section 133A of the Act was also carried out at the official premises

RAMKRUSHNA ZILBAJI THAKRE ,NAGPUR vs. INCOME TAX OFFICER , WRAD -4(4), NAGPUR

In the result, appeal of the assessee is allowed

10 percent of market price. The impossible requires to be rejected on the basis of common sense and probability. The documents in the form of Govt rates for stamp duty shows that market rate in relevant area is Rs.65,00,000 per hector. Thus value of said land which is roughly 2.5 hector comes to 1 crore 52 lakhs

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises

RAVINDRA MADANLAL KHANDELWAL,AKOLA vs. DCIT/ACIT CIRCLE , AKOLA

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

section 68 only sets up a presumption against the assessee whenever unexplained credits are found in the books of account of the assessee. It cannot but be again said that the presumption is rebuttable. In refuting the presumption raised, the initial burden is on the assessee. This burden, which is placed on the assessee, shifts as soon

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4, NAGPUR, NAGPUR vs. SHIKHA INDRAKUMAR AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

10(38) of the Act. Ld. AO concluded the assessment holding that explanation offered by the assessee in respect of the source of credit being sale transaction has been held to be not satisfactory and section 68 is squarely applicable. The assessment order was passed by Ld. AO by making addition of Rs.1,36,97,000/- on account

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

In the result, assessee' appeal for A

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of ₹ 72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises

SHRI SANJAY DHANRAJ JAIN,NAGPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), NAGPUR

10,36,726.\nThe assessment order under section 143(3) r/w section 153A dated\n26/12/2018, was passed assessing the total income at ₹ 83,04,726. The\naddition of 72,68,000, was made on account of alleged commission income.\nA survey action under section 133A of the Act was also carried out at the\nofficial premises

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

26 Maheshwari Coal Benefication & Infrastructure Pvt. Ltd. A.Y. 2009–10 to 2013–14 81. To clarify it is only where the satisfaction note recorded by the receiving AO, i.e., the AO of the third party reflects a clear finding that the incriminating material received has a bearing on determination of total income of the third party for 6 AYs immediately

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

26 Maheshwari Coal Benefication & Infrastructure Pvt. Ltd. A.Y. 2009–10 to 2013–14 81. To clarify it is only where the satisfaction note recorded by the receiving AO, i.e., the AO of the third party reflects a clear finding that the incriminating material received has a bearing on determination of total income of the third party for 6 AYs immediately

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

26 Maheshwari Coal Benefication & Infrastructure Pvt. Ltd. A.Y. 2009–10 to 2013–14 81. To clarify it is only where the satisfaction note recorded by the receiving AO, i.e., the AO of the third party reflects a clear finding that the incriminating material received has a bearing on determination of total income of the third party for 6 AYs immediately

M/S MAHESHWARI COAL BENEFICATION & INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

26 Maheshwari Coal Benefication & Infrastructure Pvt. Ltd. A.Y. 2009–10 to 2013–14 81. To clarify it is only where the satisfaction note recorded by the receiving AO, i.e., the AO of the third party reflects a clear finding that the incriminating material received has a bearing on determination of total income of the third party for 6 AYs immediately

M/S MAHESHWARI COAL BENEFICATION& INFRASTRUCTURE P. LTD,BILASPUR vs. DCIT CENTRAL CIRCLE-1(1), NAGPUR

In the result, appeals for the assessment year 2009–10 to 2013–14 are partly allowed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant Mmber

26 Maheshwari Coal Benefication & Infrastructure Pvt. Ltd. A.Y. 2009–10 to 2013–14 81. To clarify it is only where the satisfaction note recorded by the receiving AO, i.e., the AO of the third party reflects a clear finding that the incriminating material received has a bearing on determination of total income of the third party for 6 AYs immediately

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), NAGPUR vs. M/S. METROCITY HOMES, NAGPUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

26,00,000/- was made to the income of the assessee. The assessee is enclosing herewith the Capital account of Shri Prashant Bongiwar the common partner in M/s. Tirupati Developers and the assessee firm, where the entries are accounted. Ground No. 8 : Addition made of Rs. 10,00,000/- being unexplained expenditure u/s 69C of the Act. A.O. – Para 10

DCIT-CC-2(1), NAGPUR, NAGPUR vs. INDRAKUMAR GHISULAL AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

26. We also noticed earlier that the Assessing Officer has assessed the sale consideration of shares as unexplained cash credit under section 68 of the Act. It is pertinent to note that the purchase of shares (Indrakumar Ghisulal Agrawal) made in an earlier year has been accepted by the Revenue. The sale of shares has taken place

ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. M/S RADHA MADHAV DEVELOPER, NAGPUR

In the result, all the six appeals preferred by the department are dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

10. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in limiting the scope of section 153A only to undisclosed income when as per the section, the AO has to assess or re-assess the total income of the six assessment years? 11. On the facts and circumstances of the case